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AUD/USD Signal - Inflation in China - 09 Aug 2016

Signal details
Entry Price: 
0.7640
Close Price: 
0.7669
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 2 ratings

In the previous hours the AUDUSD reached the 0.7630 level which is a reliable sign that the cost of the pair will be going up during the day. This conclusion is made because we perceive the 0.7620-25 field as a key support for the pair which already bounced from that area.

Another positive indication that the AUDUSD will keep growing during the day is that China (which is the biggest trading partner of Australia) has reported higher than expected inflation figures. This fundamental news could mean that the country’s economy is getting back on track after a tough period.

The AUDUSD pair will be gradually going up during the day and is expected to close above our target price of 0.7640. We will be buying daily calls at the 0.7640 level for the 20:00 GMT expiration.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.